Let’s Talk About LLC
You’ve seen the acronym a thousand or two times by now. Do you know what it means? Is it the right next step for you and your small business? Hopefully, we answer your questions below.
So, you hit the ground running your business and have been seeing success, what’s next? There’s a point in every business venture where every entrepreneur should consider leveling up — yeah, we’re talking about making the switch to an LLC (Limited Liability Corporation). Like many things in this world, it’s all about timing. When is the best time for you to make the transition? Let’s see if we can help you figure that out.
Safeguarding what’s yours. You know it better than anyone, but as a sole proprietor, your business and personal lives mesh together. Sometimes things happen, and you could find yourself getting a knock on your door from legal troubles and debts. The LLC creates a barrier that separates your business and personal assets on a legal level, making sure that your personal life isn’t destroyed if business woes happen.
Hitting a growth spurt. The lottery always has a winner, and sometimes business ventures can take off at light speed, even if it’s just you running the show. Is it time to think bigger? An LLC makes it easier for you to bring in partners, grab more funding, and handle some extra hands. If you’re starting to outgrow your home office, kitchen table, or garage, an LLC could be the golden ticket for long-term success.
We always come back around here: taxes. Obviously, we have to talk taxes for a second. Transitioning to an LLC opens up a whole new avenue for tax advantages. There are more ways to file, expenses you can write off, and other hacks that could help save you some serious cash. If you’re looking to make the jump, we suggest talking to a tax expert to see if financially, it’s the right move for you.
First impressions matter. Sometimes, change is good for one reason: it just looks better. Establishing your sole proprietorship as an LLC can help add another sprinkle of professionalism to your side hustle. Customers, suppliers, investors will open their eyes a bit more when they read your business’ name with that beautiful ‘LLC’ attached to the back end.
You’ve already done the hard part of running your own business — starting from nothing. If you feel like you’re ready to upgrade and register as an LLC, then we wish you nothing but the best of luck and success to come. We also know that everyone’s situation is different so if you’re on the fence, talk to an expert who can analyze your situation and provide tailored advice for you.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.